Unit 5 Money & Credit Management Vocab

What is a detailed plan for raising and spending money?

• Lease

• Disposable Income

• Budget

• Mortgage

What are the costs that stay the same from month to month called?

• Fixed APR

• Budget

• Variable Costs

• Fixed Costs

What are the costs that change from month to month called?

• Budget

• Variable Costs

• Variable APR

• Fixed Costs

A business that offers financial services and account management for the purpose of making a profit is called....

• Savings and Loans

• Mortgage

• Credit Union

• Commercial Bank

A not-for-profit member owned and operated financial institution that offers financial services is called....

• Credit Card

• Savings and Loans

• Commercial Bank

• Credit Union

What is a contractual agreement between a property owner and a renter outlining the terms of  use and payments plan for a specified period of time called?

• Lease

• Rent

• Mortgage

• Loan

This is a type of loan used to purchase or maintain a home, land, or other types of real estate....

• Mortgage

• Lease

• Rent

• Loan

An interest rate that does NOT change during the life of the loan or credit......

• Collateral

• Lease

• Fixed APR

• Variable APR

This is an interest rate that may change at any time during the life of the loan or credit in response to market conditions.....

• Collateral

• Interest

• Fixed APR

• Variable APR

What is a sum of money that individuals or companies borrow that is paid back with interest within a given period of time called?

• Lease

• Loans

• Bankruptcy

• Collateral